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Monday, November 4, 2024

Nursing Home Operator PACS Sinks After Hindenburg Short Report

 Shares of nursing home operator PACS Group Inc. tumbled 28% on Monday after Hindenburg Research released a short report alleging that the company has been — among other things — “systematically scamming taxpayers.”

The drop triggered volatility halts in the shares of the health-care firm, and had PACS notching its worst day since its debut as a publicly traded stock in April. The stock had closed at a record high of $42.94 on Friday, more than double the initial public offering price of $21.

PACS, which is based in Farmington, Utah, didn’t respond to a Bloomberg News request for comment.

PACS manages about 284 nursing facilities across 16 states and serves more than 27,000 patients daily, according to a recent filing. Last week, PACS said it had closed the acquisition of eight nursing homes in Pennsylvania, with four of the facilities being leased from CareTrust REIT Inc.

Shares of CareTrust fell 4%, the worst one-day drop since September 2022.

Last month, Hindenburg took aim at Roblox Corp., saying in a report that the company inflated key metrics and alleging that it doesn’t have sufficient safety screens to protect children using the platform. Earlier this year, Hindenburg released a report on Super Micro Computer Inc., saying an investigation revealed “glaring accounting red flags.” Super Micro delayed filing its annual financial disclosures following the report.

Shares of PACS, which were valued at about $6.7 billion at Friday’s market close, had rallied on the back of two quarterly earnings reports that topped estimates as well as a boost to its revenue and profit guidance for the year.

PACS is scheduled to report its third quarter results Thursday after the market close.


https://finance.yahoo.com/news/nursing-home-operator-pacs-tumbles-182436901.html

Escape From Psychopathocracy

 by James Howard Kunstler,

"Most people do not get a clear opportunity to vote against Communism and prevent a historical evil from taking hold. We have that opportunity. Vote Trump."

- James Lindsay

You thought Halloween was over, but somehow the horror show won’t stop, and it’s not so much fun anymore.

Those oversized ghouls, werewolves, and dead souls you erected in the front yard, like shrines to wickedness, represent something truly roiling and moiling around the zeitgeist of this troubled land: the ruling Party of Chaos.

Look at what they have done to you and what they are still doing. Hoaxing you, sucking the life-blood out of you, and lying about everything. Wrecking the country.

Why does it seem that the Democratic Party is in it solely to remain in power?

I will tell you: because it controls the money-flows to the vast cadres of a vicious parasitical bureaucracy and its support system of outside orgs that commit crimes and make war on the rest of us.

It’s called “the blob” for a reason. It’s exactly like that monster out of the 1950s horror movies, a shape-shifting leviathan that devours everything in its path with only one purpose, to grow ever larger until it consumes. . . everything.

In my state of New York last week, the DEC authorities sent a swat team to seize a man and woman’s pet squirrel and raccoon and then killed the animals. Why? Because they could. How is that different from the DOJ swatting and seizing a grandmother for walking through the US capitol building and then stuffing her in prison for the rest of her natural life on misdemeanor charges? It’s not different. They are both demonstrations of deliberate cruelty — and that’s why the squirrel story resonated so widely around the country. You know exactly what it says: we can take whatever is dear to you. . . your pets. . . your livelihood. . . your freedom. . . your life.

Who failed to notice that candidate Kamala Harris was unable to articulate any coherent notion about how her government might manage its business beyond some empty nostrums about “joy,” and “turning the page?” Because the party’s actual purpose, which it hides and lies about, is just to push you around, tell you what to do and what to think, and to punish you if you don’t comply — in other words, to exercise despotic power. It can’t do anything else with that power.

It lacks the competence to manage an economy from the top down, and it certainly won’t allow the countless volitional transactions of people at liberty to produce and sell things of value on their own. It will go to war against anything to steal more money: some pitiful foreign kleptocracy of country. . . the liberty-minded people of our own country. . . against sound ideas, proven principles, standards of decency, and, not unusually, against reality itself.

And now you and I face the ordeal of an election that, by design, will be nearly impossible to audit, will remain inconclusive for weeks, and subject to endless dispute. Why, because it serves the purpose of the Party of Chaos, which is. . . chaos! The scheme was to introduce so many devices of uncertainty as to guarantee political paralysis. Why else would you use batteries of hugely expensive computerized vote-counting machines that can be easily hacked, untraceable mail-in ballots with no chains of custody, the automatic registration of non-citizens, and laws (as in California) to literally forbid the requirement of voter-ID?

This was the work of lawfare terrorist Marc Elias — with hundreds of millions of dollars at his disposal, some from the government itself, a bunch from the party, and some from rogue billionaires such as George Soros, Bill Gates, and Reid Hoffman, and then disbursed surreptitiously through hundreds of NGOs — to elect officials such as Secretaries of State and district attorneys who will ignore or bend the law, to pay off state legislators around the country to change voting rules, to hire brigades of ballot “harvesters,” and to file ruinous lawsuits against anyone who objects to these pranks. It is an enormous, dastardly machine designed to deprive you of your consent to be governed. It is the work of political psychopaths.

You’ve no doubt heard about one of the blob’s instrumental players, Rep. Jamie Raskin’s audacious plan to un-do the election, should Donald Trump happen to generate a landslide vote that overwhelms Marc Elias’s ballot-box-stuffing operation. The Raskin scheme is to disqualify Mr. Trump as an “insurrectionist” by an act of Congress before the January 6 certification ceremony. Of course, that would suppose a Democratic majority in Congress, which is unlikely to be the case.

But Mr. Raskin put his foot in his mouth so deeply that he nearly choked to death last week when, discussing election matters with entertainer Bill Maher on TV, Mr. Raskin stated that he would accept the results only of a free and fair election - with himself left to determine whether it was free and fair.

This, you understand, is exactly what he accuses Donald Trump of doing in 2020: thinking-and-saying that the election might not have been free and fair.

The problem for Mr. Raskin is that this sort of “election denial” he exhibits is exactly the basis for accusing Mr. Trump of “insurrection” in the first place.

Thus: Mr. Raskin has just made a potential “insurrectionist” of himself. What’s more, as if the Jack Smith Case in Judge Chutkan’s DC court was not already compromised enough by the SCOTUS decision on presidential immunity, Mr. Trump’s lawyers can now call Jamie Raskin as a witness in the case, play the video of his remarks to Bill Maher, and ask him how expressing doubt about the freeness or fairness of an election amounts to “insurrection.”

One way or another, looks like we’re in for a hard, anxious winter.

Threats galore loom concerning possible blob / Party of Chaos mischief ahead, designed to disorder our national life: false flags prompting the imposition of martial law. . . aggressive censorship and cancellation of free-speaking regime opponents. . . deployment of Antifa mobs against civil order, with violence, looting, arson.

This symbiotic enemy of the people is desperate to evade accountability for the crimes they’ve already committed as officials running institutions: abuse of power, conspiracy to deprive many citizens of their civil rights, perhaps even treason. They’re capable of anything. They must be defeated.

https://www.zerohedge.com/markets/escape-psychopathocracy

Sana to Up Focus on Type 1 Diabetes and B-cell Mediated Autoimmune Diseases

 Prioritize clinical and preclinical development on type 1 diabetes (UP421 and SC451), B-cell mediated autoimmune diseases (SC291), refractory B-cell malignancies (SC262), and the fusogen platform for generating in vivo CAR T cells

Modified strategy extends expected cash runway into 2026 with potential for multiple data readouts in 2024 and 2025

The company will suspend development of both SC291 in oncology and of SC379, its glial progenitor cell program, as it seeks partnerships for these programs. Sana will increase its investment in its type 1 diabetes program with the cash savings from these changes.

https://www.globenewswire.com/news-release/2024/11/04/2974495/0/en/Sana-Biotechnology-Announces-Increased-Focus-on-Type-1-Diabetes-and-B-cell-Mediated-Autoimmune-Diseases-with-the-Potential-to-Deliver-Clinical-Proof-of-Concept-Data-Across-Multiple.html

Vertex Beats Third-Quarter Estimates As Pain Treatment Looms

 Vertex stock remained muted late Monday after the biotech company reported adjusted earnings of $4.38 per share on $2.77 billion in third-quarter sales.

On average, analysts polled by FactSet expected Vertex Pharmaceuticals (VRTX) to earn $4.08 per share and report $2.69 billion in sales.

In the year-earlier period, Vertex earned $4.08 a share and had $2.48 billion in sales.

For the year, Vertex raised its sales outlook to $10.8 billion to $10.9 billion. Analysts called for earnings of 33 cents a share and $10.76 billion in sales. The company noted it's approaching two potential near-term launches with a next-generation cystic fibrosis drug and a pain treatment.

In after-hours trades, Vertex stock rose more than 1% to 479.72. Shares are forming a flat base with a buy point at 510.63, according to MarketSurge.

https://www.investors.com/news/technology/vertex-stock-vertex-pharmaceuticals-earnings-q3-2024/

Illumina revenue falls, revenue guidance down, EPS guidance raised

 

  • Core Illumina revenue of $1.1 billion for Q3 2024, down 2% from Q3 2023 and on a constant currency basis
  • Core Illumina GAAP operating margin of 68.6% and non-GAAP operating margin of 22.6% for Q3 2024
  • Core Illumina GAAP diluted EPS of $4.03 and non-GAAP diluted EPS of $1.14 for Q3 2024
  • Lowered fiscal year 2024 Core Illumina revenue guidance to decline ~3% from fiscal year 2023; expect Q4 2024 Core Illumina revenue of approximately $1.07 billion
  • Raised fiscal year 2024 Core Illumina non-GAAP operating margin guidance to a range of 21% to 21.5%
  • Raised fiscal year 2024 Core Illumina non-GAAP diluted EPS guidance to a range of $4.05 to $4.15

For fiscal year 2024, the company is lowering its guidance for Core Illumina revenue to decline ~3% (down ~3% in constant currency) compared to fiscal year 2023. For the fourth quarter of 2024, the company expects Core Illumina revenue of ~$1.07 billion. The company is raising its guidance for Core Illumina non-GAAP operating margin to a range of 21% to 21.5%, and for Core Illumina non-GAAP diluted EPS to a range of $4.05 to $4.15 for fiscal year 2024.

The company provides forward-looking guidance on a non-GAAP basis. The company is unable to provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP reported financial measures because it is unable to predict with reasonable certainty the impact of items such as acquisition-related expenses, gains and losses from strategic investments, fair value adjustments to contingent consideration, potential future asset impairments, restructuring activities, and the ultimate outcome of pending litigation without unreasonable effort. These items are uncertain, inherently difficult to predict, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For the same reasons, the company is unable to address the significance of the unavailable information, which could be material to future results.

Conference call information
The conference call will begin at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) on Monday, November 4, 2024. Interested parties may access the live teleconference through the Investor Info section of Illumina's website at investor.illumina.com. Alternatively, individuals can access the call by dialing 877.400.0505 or +1.323.701.0225 outside North America, both using conference ID 2966739. To ensure timely connection, please dial in at least ten minutes before the scheduled start of the call.

A replay of the conference call will be posted on Illumina's website after the event and will be available for at least 30 days following.

https://www.prnewswire.com/news-releases/illumina-reports-financial-results-for-third-quarter-of-fiscal-year-2024-302295734.html


Addus Q3

 Addus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced its financial results for the third quarter and nine months ended September 30, 2024.

Third Quarter 2024 Highlights:

  • Net Service Revenues Increase 7.0% to $289.8 Million
  • Net Income of $20.2 Million, or $1.10 per Diluted Share
  • Adjusted Net Income per Diluted Share Increases 13.0% to $1.30
  • Adjusted EBITDA Increases 11.1% to $34.3 Million
  • Cash Flow from Operations of $48.5 Million
CEO Dirk Allison: “We will continue to maintain a conservative balance sheet and pursue a capital allocation strategy that brings additional value to our shareholders. Acquisitions represent a significant use of capital for Addus, and we will continue to target operations that are aligned with our overall growth strategy to add clinical services where we have a strong personal care presence. We will also seek opportunities to add operations in select personal care markets where we can enter at scale. In line with this strategy, during the second quarter, we announced a definitive agreement to acquire the personal care operations of Gentiva. These operations deliver personal care services to over 16,000 patients per day in a seven-state service area, including Texas and Missouri, which are new states for Addus. We are excited about the opportunity to expand our market reach, especially in Texas where we will become the largest provider of personal care services. Having broader market coverage supports our ability to hire and retain caregivers and also provides Addus with an advantage in developing value-based contract arrangements. We expect to close the Gentiva acquisition in the fourth quarter of 2024, and our team has been diligently working on transition planning to integrate these operations.

Addus will host a conference call on Tuesday, November 5, 2024, at 9:00 a.m. Eastern time. To access the live call, dial (833) 629-0620 (international dial-in number is (412) 317-1805) and ask to join the Addus HomeCare earnings call. A telephonic replay of the conference call will be available through midnight on November 12, 2024, by dialing (877) 344-7529 (international dial-in number is (412) 317-0088) and entering pass code 4366280.

A live broadcast of Addus HomeCare’s conference call will be available under the Investor Relations section of the Company’s website: www.addus.com. An online replay will also be available on the Company’s website for one month, beginning approximately two hours following the conclusion of the live broadcast.

https://www.businesswire.com/news/home/20241104677875/en/

Supernus ups guidance after Q3

 

  • Net sales of Qelbree® increased 68% in the third quarter of 2024, compared to the same period in 2023.
    • Net sales of Qelbree of $62.4 million and $166.9 million in the third quarter and first nine months of 2024, respectively.
  • Net sales of GOCOVRI® increased 8% in the third quarter of 2024, compared to the same period in 2023.
    • Net sales of GOCOVRI of $35.6 million and $93.9 million in the third quarter and first nine months of 2024, respectively.
  • Total revenues were $175.7 million in the third quarter of 2024, an increase of 14% compared to the same period in 2023.
    • Total revenues excluding Trokendi XR® and Oxtellar XR® net product sales (non-GAAP)(1) increased 26% in the third quarter of 2024, compared to the same period in 2023.
  • Operating earnings of $40.9 million and $60.3 million in the third quarter and first nine months of 2024, respectively, compared to operating earnings (loss) of $8.1 million and $(4.3) million for the same periods in 2023.
  • Adjusted operating earnings (non-GAAP)(1) were $67.7 million and $135.4 million in the third quarter and first nine months of 2024, respectively, compared to $37.3 million and $77.9 million in the same periods in 2023.
  • Raising full year 2024 guidance for total revenues and operating earnings (GAAP and Non-GAAP).

For the full year 2024, the Company is increasing prior financial guidance for total revenues and operating earnings (GAAP and Non-GAAP) as set forth below (dollars in millions):

 Current Guidance
(as of November 4, 2024)
 Previous Guidance
(as of August 6, 2024)
Total revenues (includes approximately $155 million of Trokendi XR and Oxtellar XR)(5)(6)$630 - $650 $600 - $625
Combined R&D and SG&A expenses$430 - $450 $430 - $460
Operating earnings$50 - $65 $0 - $20
Adjusted operating earnings (non-GAAP)(1)$150 - $170 $100 - $125

Supernus will host a conference call and webcast today, November 4, 2024, at 4:30 p.m. Eastern Time to discuss these results. A live webcast will be available in the Events & Presentations section of the Company’s Investor Relations website www.supernus.com/Investors.

Participants may also pre-register any time before the call here. Once registration is completed, participants will be provided a dial-in number with a personalized conference code to access the call. Please dial in 15 minutes prior to the start time.

Following the live call, a replay will be available on the Company's Investor Relations website www.supernus.com/Investors. The webcast will be available on the Company’s website for 60 days following the live call.

https://www.globenewswire.com/news-release/2024/11/04/2974445/19871/en/Supernus-Announces-Third-Quarter-2024-Financial-Results.html